CHARLOTTE, N.C.--(BUSINESS WIRE)--Edgeview Partners, a CIT
company, today announced that Massage Envy Limited LLC, a national
franchisor of massage clinics, was acquired by Natural
Wellness USA, Inc., a wholly-owned subsidiary of the Essel
Group headquartered in Mumbai, India. Terms of the transaction were
not disclosed.
Edgeview served as the exclusive financial advisor to Massage Envy
during the sale. Prior to its purchase by Natural Wellness USA, Massage
Envy was privately owned.
“It was a pleasure to have the opportunity to
help find a partner for Massage Envy, an exciting company with great
growth prospects," said Drew Quartapella, Managing Director at Edgeview
Partners. "In Natural Wellness, Massage Envy is getting a strong partner
with a singular focus on promoting healthy lifestyles that will help
support Massage Envy's core franchise and broaden its product offering."
Massage Envy founder and Chief Executive Officer John Leonesio will
remain with the company as a corporate director. David Humphrey,
president of Natural Wellness USA, will take over as Massage Envy CEO,
while continuing in his current role. Massage Envy Chief Operating
Officer Dave Crisalli will remain in his current position, with expanded
responsibilities as leader of the Massage Envy executive team.
“Edgeview Partners helped the Massage Envy
management team evaluate our alternatives and consummate a transaction
with a strategic partner who will expand our business while allowing me
to achieve my personal objectives,” said Mr.
Leonesio. “We are excited about Massage Envy's
business prospects with Natural Wellness and look forward to exploring
new ways to promote healthy, natural living for consumers.”
Securities and investment banking services were provided through CIT
Capital Securities LLC, an affiliate of Edgeview Partners.
Individuals interested in receiving future updates on CIT via e-mail can
register at http://newsalerts.cit.com.
About Massage Envy
Based in Scottsdale, Ariz., Massage Envy has 418 clinics in operation
and over 350 additional clinics in development. The company has largely
defined the franchised market in the fast-growing, $10 billion-plus
domestic massage therapy industry, offering affordable massages at
convenient locations with flexible hours. Founded in 2002, the Massage
Envy franchise has grown rapidly by offering professional and affordable
massage therapy services to consumers with busy lifestyles. Massage Envy
offers a wide variety of treatments to customers who can purchase
monthly memberships or pay as they go.
About Natural Wellness USA
Natural Wellness USA is best known for its primary consumer brand, Veria
(www.veria.com), under which it
operates the Veria TV television network of original wellness
programming, Veria Wellness Centers that offer wellness spa services and
products, yoga and other classes/seminars and Veria.com, a website
dedicated to information on the natural wellness lifestyle and a major
online shopping destination for wellness products. Natural Wellness USA
is a wholly-owned subsidiary of the Essel Group. The Essel Group is an
India-based multi-billion dollar conglomerate encompassing television
networks, cable systems, satellite communications, theme parks and one
of the world’s largest packaging companies.
About Edgeview Partners
Edgeview Partners is a leading investment bank focused exclusively on
the middle market. Edgeview has closed deals in more than 15 industry
sectors, including aerospace and defense, building products, business
services, consumer products, diversified manufacturing, energy services,
health care, and transportation and logistics. Edgeview is part of CIT,
a leading provider of finance solutions for companies throughout the
middle market. www.edgeviewpartners.com
About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $80 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
